Operating Expense Account Sample Clauses

Operating Expense Account. Prior to occupancy, Tenant shall establish an interest-bearing Operating Expense Account solely for the purposes of collecting all Premises revenue and paying all Operating Expenses. Thereafter, but prior to Xxxxxx’s occupancy, the County shall make an initial deposit to fund the Operating Expense Account in an amount equal to not less than County's Maximum Monthly Contribution for one month. On a regular basis, but no less frequently than on a monthly basis on the first day of each month of the term hereof, Tenant shall pay to, or deposit into the Operating Expense Account, an amount no less than Tenant's Share of actual Operating Expenses incurred, with a minimum balance of 1.5 times the Tenant's Estimated Monthly Contribution to be maintained by Tenant in the Operating Expense Account at all times. The balance (the actual payment of the monthly required Operating Expenses, less County's Maximum Monthly Contribution) remains the sole financial responsibility of the Tenant Tenant shall notify the County in writing at , of the necessity to replenish the Operating Expense Account and County agrees to fund the required replenishment of the Operating Expense Account within 30 days of receipt of Xxxxxx’s request. Tenant shall provide the County quarterly and annual reconciliations of the Operating Expense Account reflecting the actual expenses incurred and paid, comparison of the projected and actual Operating Expenses, and the Community Center Expense Summary, as provided for in Section 6.1 (and subject to County's right in year one of the term hereof to require monthly reporting, as set forth in Section 6.1). The Operating Expense Account shall be subject to review and audit by the County pursuant to Article 6, hereof.
Sample 1
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Operating Expense Account. No later than fifteen (15) days after the Commencement Date (and in any event, prior to KSM’s incurrence of any Operating Expenses), City shall deposit into the Operating Expense Account, City’s Advances equal to the first month’s estimated Operating Expenses, including all payroll obligations (as specified in the approved Budget). KSM shall use the funds in the Operating Expense Account to pay the Operating Expenses of the Course. No later than fifteen (15) days before the start of any subsequent month, KSM shall provide City with a statement describing the anticipated Operating Expenses for the next month. Within ten (10) days after City’s receipt of such statement from KSM, City shall remit to the Operating Expense Account the amount set forth in such statement. City and KSM shall work together to reconcile estimates to actual expenses and deduct or add calculated difference from subsequent advances.
Sample 1
Operating Expense Account. The term “Operating Expense Account” shall have the meaning described in Section 3.5.2 of the Agreement.
Sample 1
Operating Expense Account. On or before the Commencement Date (and in any event, prior to KSM’s incurrence of any Operating Expenses), Owner shall remit to KSM for deposit into the Operating Expense Account, Owner’s Advances equal to one month’s estimated Operating Expenses (as specified in the approved Budget) (the “Operating Expense Minimum”). Owner shall replenish the Operating Expense Account in order to maintain the Operating Expense Minimum in the Operating Expense Account as described below. KSM shall use the funds in the Operating Expense Account to pay the Operating Expenses of the Course. On a monthly basis, KSM shall provide Owner with a statement describing the anticipated source and use of funds for the Course for the next monthly period. Within five (5) days after Owner’s receipt of such statement from KSM, Owner shall remit to the Operating Expense Account the amount set forth in such statement, less the amount, if any, then on deposit in the Deposit Account to the extent Owner authorizes the transfer of such amount to the Operating Expense Account. The parties agree to adjust the Operating Expense Minimum seasonally, or as otherwise required from time to time, in order to reflect the then-current payment obligations of the Course.
Sample 1
Operating Expense Account. On a bi-weekly basis, the Company shall provide the County with a statement containing a detailed list of Operating Expenses to be paid and Gross Revenues for such period. Within ten (10) days after County's receipt of such statement from the Company, the Company shall remit to the Operating Expense Account the amount set forth in such invoice, less the amount, if any, then on deposit in the Operating Expense Account to the extent the County authorizes the transfer of such amount to the Operating Expense Account.
Sample 1
Operating Expense Account. City shall establish, in City’s name, utilizing the federal tax identification number of City, a deposit account (the “Deposit Account”) and an operating expense account (the “Operating Expense Account”). All Gross Revenues of the Property shall be collected, received, and deposited by KSM exclusively through the Deposit Account in accordance with the terms of this Agreement and that all Operating Expenses shall be handled and expended exclusively through the Operating Expense Account. City agrees that individuals designated by KSM, and approved in writing by City, shall be signatories on the accounts, and that City will not change the signatories of such accounts or close such accounts without the prior written consent of KSM. On or before the Commencement Date (and in any event, prior to KSM’s incurrence of any Operating Expenses), City shall remit to KSM for deposit into the Operating Expense Account, City’s Advances equal to one month’s estimated Operating Expenses (“Operating Expense Minimum”). City shall replenish the Operating Expense Account in order to maintain the Operating Expense Minimum in the Operating Expense Account as described below. KSM shall use the funds in the Operating Expense Account to pay the Operating Expenses of the Golf Courses. On a monthly basis, KSM shall provide City with a statement describing the anticipated source and use of funds for the Golf Courses for the next monthly period. Within five (5) days after City’s receipt of such statement from KSM, City shall remit to the Operating Expense Account the amount set forth in such statement, less the amount, if any, then on deposit in the Deposit Account to the extent City authorizes the transfer of such amount to the Operating Expense Account. The Parties agree to adjust the Operating Expense Minimum seasonally, or as otherwise required from time to time, in order to reflect the then-current payment obligations of the Golf Courses.
Sample 1
Operating Expense Account. During a Cash Sweep Period, Borrower shall submit to Lender not later than the twentieth (20th) day of each calendar month, a statement certified by Borrower in the form required by Lender (i) setting forth those Operating Expenses and Extraordinary Expenses to be paid by Borrower during the following calendar month, (ii) stating that no Operating Expenses or Extraordinary Expenses are more than sixty (60) days past due. Together with each such request, Borrower shall furnish Lender with bills and all other documents necessary for the payment of the Operating Expenses and/or Extraordinary Expenses which are the subject of such request. Only those Operating Expenses which are consistent with the Approved Annual Budget, as well as those Operating Expenses and Extraordinary Expenses otherwise approved by Lender in writing in its reasonable discretion, shall be approved for payment and shall be disbursed to the Borrower’s Account on the next Monthly Payment Date
Sample 1
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Operating Expense Account. The Operating Expense Account had been funded in an amount equal to $375,000, which equals 30 days of operating expenses as set forth in the Operating Expense Budget delivered pursuant to Item 15.
Sample 1
Operating Expense Account. Provided no Event of Default has occurred and is continuing, funds deposited into the Operating Expense Account shall be used for Operating Expenses at the Individual Properties pursuant to the Approved Budget then in effect. In accordance with the Cash Collateral Account Agreement, commencing at the commencement of each Interest Accrual Period, Borrower shall or shall cause an amount to be deposited into the Operating Expenses Account equal to the Operating Expenses applicable to the calendar month in which such commencement date occurs pursuant to the Approved Budget then in effect. To the extent funds are available in the Operating Expense Account and provided no Event of Default has occurred and is continuing, Lender shall disburse funds on deposit in the Operating Expenses Account to Borrower for such Operating Expenses one time during each week. Borrower shall use funds disbursed to Borrower from the Operating Expense Account for Operating Expenses in accordance with the Approved Budget or as otherwise approved by Lender. For purposes of calculating Operating Expenses hereunder, Operating Expenses shall exclude all amounts reserved for in a Reserve Account under the terms of this Agreement and/or the Cash Collateral Account Agreement including, without limitation, in the Tax and Insurance Reserve Account and the FF&E Reserve Account.”
Sample 1

Related to Operating Expense Account

  • Operating Expense Payments Landlord shall deliver to Tenant a written estimate of Operating Expenses for each calendar year during the Term (the “Annual Estimate”), which may be revised by Landlord from time to time during such calendar year. During each month of the Term, on the same date that Base Rent is due, Tenant shall pay Landlord an amount equal to 1/12th of Tenant’s Share of the Annual Estimate. Payments for any fractional calendar month shall be prorated.

  • Expense Account The Corporation shall reimburse Employee for reasonable and customary business expenses incurred in the conduct of the Corporation’s business. Such expenses will include business meals, out-of-town lodging and travel expenses. Employee agrees to timely submit records and receipts of reimbursable items and agrees that the Corporation can adopt reasonable rules and policies regarding such reimbursement. The Corporation agrees to make prompt payment to Employee following receipt and verification of such reports.

  • Operating Expenses Unless modified in accordance with Exhibit D, Landlord maintenance addendum, attached hereto, it is the intention of the parties and they hereby agree that this shall be a triple net Lease, and the Landlord shall have no obligation to provide any services, perform any acts or pay any expenses, charges, obligations or costs of any kind whatsoever with respect to the Premises, and Tenant hereby agrees to pay one hundred percent (100%) of any and all Operating Expenses as hereafter defined for the entire term of the Lease and any extensions thereof in accordance with specific provisions hereinafter set forth. The term Operating expenses shall include all costs to Landlord of operating and maintaining the Building and related parking areas, and shall include, without limitation, real estate and personal property taxes and assessments, management fee, heating, electricity, water, waste disposal, sewage, operating materials and supplies, service agreements and charges, lawn care, snow removal, restriping, repairs, repaving, cleaning and custodial, security, insurance, the cost of contesting the validity or applicability of any governmental acts which may affect operating expenses, and all other direct operating costs of operating and maintaining the Building and related parking areas, unless expressly excluded from operating expenses. Notwithstanding the foregoing, operating costs (and Tenant's obligations in relation thereto) shall not include (i) any expense chargeable to a capital account or capital improvement, ground leases; principal or interest payments on any mortgage or deed of trust on the premises; (ii) any amount for which Landlord is reimbursed through insurance, by third persons, or directly by other tenants of the premises, (iii) repair costs occasioned by fire, windstorm or other casualty, (iv) any construction, repair or maintenance expenses or obligations that are the sole responsibility of Landlord (not to be reimbursed by Tenant), (v) leasing commissions and other expenses incurred in connection with leasing any other area located on the premises to any other party, (vi) any expense representing an amount paid to an affiliate or subsidiary of Landlord which is in excess of the amount which would be paid in the absence of such relationship, and (vii) costs of items and services for which Tenant reimburses Landlord or pays third persons directly.

  • Limit on Operating Expenses The Advisor hereby agrees to limit the Fund’s current Operating Expenses to an annual rate, expressed as a percentage of the Fund’s average daily net assets for the month, to the amounts listed in Appendix A (the “Annual Limit”). In the event that the current Operating Expenses of the Fund, as accrued each month, exceed its Annual Limit, the Advisor will pay to the Fund, on a monthly basis, the excess expense within the first ten days of the month following the month in which such Operating Expenses were incurred (each payment, a “Fund Reimbursement Payment”).

  • Operating Expenses and Taxes Lessee and Lessor acknowledge and agree that commencing with the Second Extended Lease Term and continuing with any Extended Lease Term validly exercised thereafter, (x) the Lease provisions relating to payment of Taxes and Operating Expenses shall be converted from a Base Year computation to a straight net basis computation, and (y) Lessee shall be assuming the obligation of maintenance and repair described in Paragraph 11 below. In connection with the conversion from a Base Year to a net lease and Lessee’s assumption of the maintenance and repair obligations described in Paragraph 11 below, Lessee and Lessor wish to modify the terms and provisions of the Lease relating to Operating Expenses to account for such modifications and Lessee’s assumption of such obligations. In connection with the foregoing, Lessee and Lessor hereby acknowledge and agree that commencing on January 1, 2013, (i) the MOU shall have no further force or effect with respect to all periods from and after January 1, 2013 (the MOU shall remain in effect with respect to periods on or before December 31, 2012, except as modified by Xxxxxxxxxx 00 xxx 00 xxxxx), (xx) notwithstanding anything to the contrary contained in the Lease, Lessee’s obligations with respect to the payment of Lessee’s Percentage of Taxes and Lessee’s Percentage of Operating Expenses shall be computed without reference to a Base Year, with the effect that Lessee’s obligation for payment of Taxes during any Tax Year shall be payment of Lessee’s Percentage of the Taxes incurred with respect to such Tax Year and Lessee’s obligation for payment of Operating Expenses during any Lease Year for Operating Expenses shall be payment of Lessee’s Percentage of the Operating Expenses incurred with respect to such Lease Year for Operating Expenses, and (iii) Article 5 of the Original Lease shall be deleted in its entirety with respect to all periods from and after January 1, 2013 and replaced with the provisions of this Paragraph 10.

  • Common Area Operating Expenses Lessee shall pay to Lessor during the term hereof, in addition to the Base Rent, Lessee's Share (as specified in Paragraph 1.6(b)) of all Common Area Operating Expenses, as hereinafter defined, during each calendar year of the term of this Lease, in accordance with the following provisions:

  • Exclusions from Operating Expenses Notwithstanding anything to the contrary contained herein, in no event shall Operating Expenses include any of the following: (1) costs for which Landlord is reimbursed, receives a credit or is otherwise compensated (other than tenant reimbursements for Operating Expenses); (2) rent or other amounts payable under any ground lease or master lease, or interest, amortization or other repayment of indebtedness or costs, fees, points or other expenses in connection with any financing or refinancing of all or any part of the Real Property; (3) costs of correcting defects in the initial design or construction of the Building or any expansion thereof or any expenses resulting from inferior or deficient workmanship; (4) costs of repair or restoration required due to casualty damage or condemnation (except for commercially reasonable deductibles); (5) non-refundable reserves for anticipated or unanticipated future expenses; (6) interest or penalties incurred as a result of Landlord’s failure to pay any bill as it shall become due; (7) costs resulting from the gross negligence or willful misconduct of Landlord, its employees, and/or agents; (8) leasing commissions, attorneys’ fees, costs and disbursements, and other expenses (including, without limitation, advertising and marketing costs) incurred in connection with leasing, renovating, or improving space for tenants or other occupants or prospective tenants or occupants of the Building, or costs (including, without limitation, permit, license, and inspection fees) incurred in renovating or otherwise improving or decorating, painting or redecorating space for tenants or other occupants or vacant space; (9) costs of any services sold to tenants or other occupants for which Landlord is entitled to be reimbursed by such tenants or other occupants as an additional charge or rental over and above the basic rent and escalations payable under the lease with such tenant or other occupant; (10) allowances for depreciation of improvements in the Common Areas; and (11) so called “capital items” or “capital expenditures” which, pursuant to generally accepted accounting principles, are not fully chargeable to current expenses in the year the expenditure is incurred, except to the extent such capital expenditures are amortized over their useful life (with commercially reasonable interest) in accordance with generally accepted accounting principles and only with respect to those that (A) are intended to effect economies in the operation or maintenance of the Real Property, or any portion thereof, or (B) are installed with a reasonable and good faith expectation by Landlord that the same will reduce current or future Operating Expenses, or (C) are intended to enhance the safety or security of the Real Property or its occupants, or (D) are required to comply with present or anticipated conservation programs, or (E) are otherwise includable in Operating Expenses pursuant to the application of sound real estate management principles (including but not limited to, parking lot repair and resurfacing).

  • Operating Expense Limit The Fund’s maximum operating expense limits (each an “Operating Expense Limit”) in any year shall be that percentage of the average daily net assets of the Fund as set forth on Schedule A attached hereto and incorporated by this reference.

  • Total Operating Expenses All costs and expenses paid or incurred by the Company, as determined under GAAP, that are in any way related to the operation of the Company or its business, including the Advisory Fee, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer and registration of securities, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines; (vi) acquisition fees and Acquisition Expenses, (vii) real estate commissions on the sale of Real Property, and (viii) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgages or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). The definition of “Total Operating Expenses” set forth above is intended to encompass only those expenses which are required to be treated as Total Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 2%/25% Guidelines. 2%/25% Guidelines shall have the meaning set forth in Section 13.

  • Ordinary Operating Expenses For purposes of this Agreement, Ordinary Operating Expenses means all expenses of the Funds other than extraordinary expenses, such as litigation, taxes and brokerage commissions.

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